So I got the update last night, all wen't well. Here is what I have found.
My flash stopped working, had to uninstall and re-install flash. After that it worked fine, it even worked a bit better on Videos for some reason, still skipped frames but less.
I changed my WIFI setting back to sleep when screen goes off. So far it works but I am not holding my breath because I have seen that other folks still had the issue. On a positive side, my friend has an Acer Andreoid tablet and he has the same bug, so I do not think it is a Kobo thing. We'll just have to learn to turn off our WIFI I think.
I have not tested battery charging while the Kobo is on. I don't want to risk it, turning it off before charging is not a big deal anyways.
Bloatware is still there, managed to disable all of it other than the Globe2Go ePaper which still starts when the Kobo first powers on. I just have to say to the Kobo developers if you don't want to me install a custom rom as soon as it is available you need to remove that crap or at least allow me to disable it.
Ogien
MoreMMO.com